Crypto Markets Reel from Binance Bleeding and Loopring Exchange Shutdown

Crypto markets experienced pressure across both centralized and decentralized platforms.

Binance witnessed significant outflows, totaling over $400 million in a week beginning June 22, prior to Europe's MiCA licensing deadline. The exchange also withdrew its license application from Greece's securities regulator, raising questions about its service coverage across the European Union.

Loopring, an Ethereum-based scaling project, announced the closure of its decentralized exchange (DEX) and automated market maker due to weak adoption and technical limitations. The team cited a lack of virtual machine in their early design, which restricted composability and integration with broader Ethereum applications.